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Gold/Mining/Energy : Gold Price Monitor -- Ignore unavailable to you. Want to Upgrade?

To: Mark Bartlett who wrote (35064)	6/9/1999 9:38:00 PM
From: long-gone	Respond to of 116762

<<I have no doubt that Ken B. is quite close to being right .... the big companies that are hedged to the nines are just loving this scenario ..... they have the pick of the gold litter.>> As I told him, some, not all.

To: Mark Bartlett who wrote (35064)	6/9/1999 10:02:00 PM
From: Don Green	Respond to of 116762

> at critical junctures for gold.. Yes, but that is a daily event... Don

To: Mark Bartlett who wrote (35064)	6/10/1999 2:50:00 PM
From: long-gone	Read Replies (1) \| Respond to of 116762

Thursday June 10, 7:05 am Eastern Time Note: this article has a followup with more information. Gold at new 20-year low amid cenbank rumours By Patrick Chalmers LONDON, June 10 (Reuters) - Gold hit a fresh 20-year low at London's morning fix on Thursday, adding to its $30 price slide since Britain announced reserve sales plans, amid market rumours of selling by another central bank, dealers said. An official at the Bank of Greece, one of the banks dealers had suggested was a seller, categorically denied having sold. Panayiotis Pliatsikas, director of the foreign exchange department of the Bank of Greece added, ''As you know our foreign exchange reserves stand around $21 billion and there is no reason for us to sell gold.'' London gold fixed at $258.35 a troy ounce in the morning, down on Wednesday afternoon's $261.30 and marking its lowest level since May 18, 1979. Gold has marked a series of 20-year lows since it dropped through $270.00 at the end of last month, showing little sign of slowing its descent from $290.00 on May 7, the day Britain announced a gold sales programme to cut reserves by 415 tonnes. The first London fix of 1979, a year when gold was building towards 1980's peak fix of $850.00, was a lowly $227.15. ''Gold's decline unfortunately shows no signs of abating, with next support difficult to predict,'' said one London dealer. ''Market participants remain nervous, however, and a substantial short-covering rally could not be that hard to trigger,'' the dealer added. Persistent rumours of central bank selling have dogged prices for days, proving impossible to stand up or dispel in the absence of comment from the banks themselves. Heading dealers' and analysts' lists of possible sellers were Greece, Sweden and Denmark, the three European Union countries which, like Britain, have remained outside the bloc's 11-country single currency zone. Industry analysts Gold Fields Mineral Services recently put Sweden's holdings at 189 tonnes and Greece's at 106 tonnes. The Danish central bank valued its end-1998 gold reserves at 4.32 billion crowns ($627 million), 16 percent up on end-1997 due to the abolition of gold deposits with the European Monetary Institute, the ECB's precursor. Chances of euro-zone central bank sales abated with the single currency's launch in January with analysts seeing the European Central Bank as likely to curb any early moves by member countries to cut their gold holdings. Spot gold was last steady at $258.05/$258.45, just above Wednesday's target support level and clear of overnight lows in Asia, versus New York's close of $259.10/$259.60. Silver was at $5.01/$5.04, two cents below New York's close, while platinum was little changed at $365.50/$367.50. Palladium was $1.50 down at $348.00/$353.00. biz.yahoo.com In London datelined story headlined ''Gold at new 20-year low amid cenbank rumours'' please read in para 11...recently put Sweden's holdings at 147 tonnes and Greece's at 113 tonnes...instead of...recently put Sweden's holdings at 189 tonnes and Greece's at 106 tonnes (correcting figures for both banks). biz.yahoo.com